Traditionally long and tedious, mortgage closings have transformed to make them easier to bear and quicker to complete, thanks to eClosing technology. Nexus Closing™ promises to use this technology to streamline mortgage closing and provide convenience across the board.
What is Nexus Closing
Nexus Closing™ is an innovative mortgage closing software designed to streamline closing workflows and increase productivity for mortgage businesses. Nexus Closing™ is the #1 eClosing Software Platform for lenders who aim to increase their competitiveness and simplify the homeownership journey for their customers.
Why does Nexus Closing™ matter for lenders?
Nexus Closing™ allows lenders to close mortgage loans faster and move on to other dealings, but that’s not all. It also:
1. Reduces the entire mortgage process time
Usually, a mortgage takes approximately 30 days from origination to closing. The period may even get longer for some loans if issues(like inaccurate information) need to be handled.
Thankfully, advanced mortgage closing software like Nexus Closing™ guarantees time efficiency by reducing the probability of errors, facilitating faster preparation and distribution of documents, hastening approval through electronic signatures, and enabling efficient communication & collaboration.
The outcome? Significant time savings so that you can decrease the overall period of the loan closing process by up to 48 hours.
2. Provides an enjoyable borrower experience
As homebuyer demographics change, there is an increasing number of tech-savvy customers with high expectations of a digital loan process that comes with a personalized experience.
Nexus Closing™ facilitates the final stage of the digital mortgage application process and allows customers to sign the closing documents more confidently. What’s more, the customers have enough time to preview their loan documents and inquire about any clauses that are not clear to them.
The convenience allows even busy customers to be actively involved in the loan closing process, especially because Nexus Closing™ uses a mobile-first approach.
3. Enhances employee retention
Nexus Closing™ makes life easier for your employees. They don’t have to work on redundant, mundane tasks such as manually checking and rechecking details. As such, your loan closing teams will have enough bandwidth to pay attention to the more technical or challenging tasks that can delay or stall a mortgage closing process.
With the friendly and productive work environment that Nexus Closing™ creates, employees will want to stay around longer.
4. Promotes headcount utilization
The mortgage industry is unpredictable, thus loan volumes can easily fluctuate. When the volumes go up, existing staff in a company can leverage the flexibility offered by Nexus Closing™ to handle the increasing loan application.
When loan volumes are low, Nexus Closing™ comes in handy as it makes it possible for lenders to remain efficient with small-sized teams. That way, they don’t have to resort to workforce reductions which can be frustrating, time-consuming, and even costly for the business.
5. Ensures stakeholder satisfaction
There are approximately five or more stakeholders (loan officers, settlement agents, notaries, buyers, sellers, and loan closers) involved in a mortgage closing process, and each one expects a timely and successful closing. Each of these stakeholders is impacted by the Nexus eClosing software differently, thus offering unique benefits.
For example, settlement agents will have more time to focus on and build closer relationships with their customers and referral partners. The lenders, on the other hand, can enjoy quicker loan closings and increase the volumes of loans that they can process over a given period. In the end, everyone leaves the closing table satisfied.
You can grow your business with Nexus Closing™
The closing process of a mortgage is an integral part that requires great efficiency and attention. Nexus Closing™ is a tool that you can use to optimize this process and guarantee the success of your business for a long time.
Book a demo today and experience an expert-level closing process!